Inflation and Supply Chain Issues

We expected inflation. We didn't expect a second round of supply chain issues, where now we have people hoarding because of christmas,. That car they bought last year is in their driveway or their garage. Auto sales, auto sales. Piqued in april at 18 and a half million units and are now at 12. Now, that is not just chip shortages. I'm probably never buying another gas car again. I'm going to wait for an electric vehicle. Thereare two very powerful secular forces. One is good, one is bad. The good one is innovation. Innovation is inherently deflationary. Because we do the analysis using rights law, we can tell you how deflation